Saudi Aramco has announced the discovery of two oil and gas reservoirs during the first quarter of the year 2020, One is an oil and gas reservoir and the other one is an oil reservoir.

According to Aramco, One reservoir discovery is in the field of northwest of Saudi Arabia, which is oil and gas reservoir, while the other discovery of an oil field in the central business district.

- The company was stated this in the report on the company's financial results for the first quarter of the year 2020. 

- The world's largest oil exporting company 'Saudi Aramco', reported a 25% decline in its first quarter, which is less than the estimation of analysts, the decline is due to lower crude prices, declining in refining and chemicals margins and inventory re-measurement losses and due to Corona virus pandemic.

- The net profit for first 3 months of 2020 fell by 62.5 billion Saudi Riyals compared to the earlier period.

- Saudi Aramco had discovered during the year 2019, two oil fields reservoirs, 7 successful identification wells were drilled, with regard to gas exploration, it also discovered a land of gas field and 5 new reservoirs in addition to drilling 6 identification well successful during the last year.

SOURCE : SAUDI EXPATRIATES